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Tesla (TSLA) - Another Test of $250 on its Way

Tesla $TSLA was in a sideways consolidation mode in much of 2017, and has been in more of a bearish correction mode in 2018. Price action suggests this bearish correction mode is likely to continue in 2018.

TSLA Daily Chart

(click to enlarge)

Bears in Charge:- The daily chart shows a market that is in bearish correction mode.- Price came down to the $250 level at the end of March, but has since rebounded.- However, we saw the rally get rejected at $310 twice. - After the second resistance at $310, price is falling sharply and cracking the support pivot around $277. - We might see a brief rebound, but if price fails to clear above $290, we should have further downside back towards the $250 area.- If price instead surges above $300, we need to reassess, and consider the possibility of a push towards the $330 area. - Otherwise, the current price action suggests we should see $250 again. Key Support Around $240:- If price can hold above $240, the overall trend would still be neutral-bullish, and the focus would go back to the $330 area. - A break below however opens up a bearish trend that would open up the $177-$178 support pivot.

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